Stocks: March 14

Sun 23rd March:

The S&P500 is trading within a triangle pattern and I hope this will breakout soon to generate some momentum and a new trading direction:

The emerging market ETF, EEM, is also triangle bound but on a weekly chart: 

The Russell 2000 index keeps climbing too:

 

UPS looks fairly strong still too:

The oil ETF, USO, looks mighty interesting!

Aussie markets: the 61.8% fib is holding price in check at the moment BUT I think it’s just a matter of time before this breaks and the 6,000 will be attempted!

XAO:

XJO:

The Financial ETF, XLF, has marked time at the 50% fib but I think it might head to the 61.8% level ($26) next:

 

EBAY: looks like it is gathering steam to take on the $60 level:

INTC: looking strong at the moment:

 

MSFT: I still think the hold above the $37 is a most bullish signal; unlike my Elliott wave indicator!

AMD: a speculative watch for a close and hold above the $4.50 level!

BAC: I’ve got stock and I’m selling Puts here:

BK: watch this one at the end of the month! A close above the $35 would be very bullish. There hasn’t been a bullish weekly close above this level since 2008!

 

HPQ: I think this bullish inverse H&S might be starting. I’ll be watching to see if the monthly candle can close above the $30 level though first before getting too excited:
KBE: This banking ETF, like XLF, had stalled at the 50% fib. Any bullish break here would also suggest the 61.8% fib ($40) might be next:
PFE: another monthly close above the $30 would be bullish:

Mon 3rd March:

I’m reviewing charts given we have just had a monthly candle close and I’m keen to see where some stocks managed to finish for the month. Events in the Ukraine may undermine developing risk appetite though and trading decisions in light of this situation need to be taken carefully.

EBAY: I have been watching EBAY as it has traded in a channel for some weeks. This is the chart of the last time I posted about EBAY:

 

This is the current chart of EBAY and you can see there has been a channel breakout:

 

 

This breakout and new ‘high’ needs to be understood within a wider context though and hence it is best to look at the weekly and monthly charts. $60 is the previous high and this was reached back in 2004. This level is being tested again now and it would not be surprising to see price become a bit choppy as it navigates this resistance zone.
EBAY weekly

 

EBAY monthly

A break and close above the $60 would be a rather bullish signal though.

INTC: this has managed to close above the support of the $24 for the month:

 

LOW: Lowes: I had been watching this as I thought it looked like setting up in a ‘Bull Flag’ pattern. This was the daily and weekly chart as they appeared when I last posted about Lowes:

 

This is how Lowes appears now ans it does seem that the ‘Bull Flag’ has evolved. My Elliott Wave indicator has an ambitious target of up near $60!:

 

MRK: this might pull back a bit as it nears the previous high and I’llbe looking for any pull backs to the $50 so as to enter:
MSFT: another monthly close above the $37 has this looking quite strong:

 

NKE: Nike: I had been watching for any bullish break from a trading channel as this looked like it was setting up in a ‘Bull Flag’ too. This is the chart as it appeared when I last posted about NKE:

This is how NKE appears today and, clearly, the ‘Bull Flag’ evolved:

 
NUE: Nucor: the close above the $50 for the month was only marginal BUT it is more of a psychological boost than anything:

 

PEP: Pepsico: I do believe that Pepsico will visit the $87 level again in the  not too distant future:

 

TGT: Target: You can’t keep a good horse down they say and the same may go for Target. Price bounced off the 38.2% fib and I’d think it might have the $70+ region in its sights!
WAG: the inverse H&S breakout here is now up 37%!
WMT: I think it is only a matter of time before this visits the $80 level:

 

AA: the monthly close above the $11 level is significant:

 

ACI: I’m keeping an eye on this more speculative stock too. It has made a bullish close above the $4.50 resistance to see out February.

 

ADBE:  I have been tracking and trading this stock since it made its triangle breakout back in Dec 2012. This is a chart from an earlier post soon after the breakout:

ADBE has gone on to give over 100% gain since the initial triangle break. You can see why I keep an eye out for these patterns!

BAC: the monthly hold above the $15 level is bullish:

 

HD: The $82 had been a major level for HD and it made a close right on this level to see out February. The weekly chart does has a ‘Bull Flag’ look to it:

 

HL: I’m keeping an eye on this if Silver remains bullish:
HPQ: still watching for any close and hold above the $30:

 

KBH: this has made a bullish close above the $20 resistance level. I’m thinking it might be a good Put candidate:

 

LLY: this isn’t a stock I trade but it is setting up as rather bullish. The last time I posted about this stock it was still range trading although I had the warning on to watch for the $60 level:
LLY closed for February just under this key resistance level and some may say that a ‘miss is as good as a mile’. It may well be but this is worth watching as there is a lot of upside potential as the following charts show:

 

 

M: $50 looks like new support for Macy’s:

 

NG: Another speculative stock BUT the monthly close above the $3.50 looks a bit bullish:

 

PFE: another monthly close above the $30 looks to be quite bullish and there is upside potential here too:

 

SLW: looking encouraging too whilst Silver holds up:
VALE: watching for any breakout here:

XLF: the continued hold above $17 support here is encouraging: